IEA forcasts growth in 2010 global oil demand

The International Energy Agency estimated Thursday that global oil demand would grow to 86.4 million barrels per day in 2010, about 60,000 more than previously forecast, due to better-than-expected data from developed countries.

Global demand for oil would increase by 1.7 million barrels per day, or 2 percent, mostly due to demand from countries outside the Organization of the Petroleum Exporting Countries, the Paris-based IEA said in its monthly oil market report.

According to the agency, lower oil supplies from the OPEC and non-OPEC countries jointly brought the total oil supply in May down to 86.3 million barrels per day, a decrease of 575,000 barrels per day.

As for the entire year,the non-OPEC output was revised up by 100,000 barrels to 52.3 million barrels per day.

Additionally, the agency revised up its estimate of global refinery capacity of crude in the second quarter to 73.5 million barrels per day, about about 1.5 million barrels per day more than the figure of last year.

Source:Xinhua